Andrew Haldane said one solution would be for the Bank of England to issue a state-backed digital currency based on bitcoin. Supporting this initiative would be a negative interest rate levied on paper currency relative to the digital currency, with these measures do you think there is more possibilities that sometime:
Paper money will be banned entirely?
How long do you think that happens?
would it work?
What security and privacy risks would it raise?
And how would public and privately issued monies interact?
I don't think this thing is feasible considering the fact that a whole nation would not entirely allow paper money to be extinct and digital currency to reign. Maybe for some ways bitcoin will have a place for some countries but dominating the whole state is too far from possible. Paper money is what we are used to so changing would surely create a conflict leading to a greater damage than a reformation for the greater good.
I agree because bitcoin is a online currency i don't see bitcoin becoming paper money anytime soon. And i think that bitcoin will be a standard form of currency in the future because i think that in the future there won't be many people who will walk to a shop to buy something they will probably buy something online.